YT (Yield Token)
Yield TokenYT
Pendle's tokenised pure yield claim — represents the right to all yield accrued by the underlying until maturity.
A YT is the complement to a PT (Principal Token): PT + YT == underlying. YTs are leveraged exposure to the yield path; their price decays toward zero at maturity, and aggressive YT trading is how yield-rate views get expressed in DeFi.
Related terms
- PendleA yield-tokenisation protocol that splits yield-bearing tokens into Principal (PT) and Yield (YT) tokens with a fixed maturity.
- PT (Principal Token)Pendle's tokenised principal claim — purchased at a discount, redeemable 1:1 for the underlying at maturity.
- Fixed yieldA yield rate locked in at deposit time — typically via a tokenised principal claim with a maturity date.